16 S&P stocks made new 52-week lows on Halloween — time for some bottom-fishing?

Not every stock is basking in the glow of the S&P 500’s relentless assault on new highs. In fact, 16 of them hit their 52-week lows on Tuesday, including such notables as General Electric
GE, -0.80%
Archer Daniels Midland
ADM, +1.26%
Nordstrom
JWN, +3.64%
Chipotle
CMG, +1.79%
and Under Armour
UA, +3.02%

“They say not to kick someone when they’re down. But in the market it’s the opposite,” he wrote. “When they are down is exactly when you want to kick them. This is especially the case when they are down while other things are up.”

“Are these charts you want to buy?” Parets asked in his blog post. “When you think of all of the things all over the world that you can buy right now today, are these it? You can own anything! It’s 2017, you can literally invest in anything you can possibly think of if you really wanted to.”

The yen has been under pressure amid concerns about the Bank of Japan’s continued monetary easing; a strengthening dollar
DXY, +0.35%
has kept a lid on gold miners; and bonds are feeling the heat of a rising rate environment.

“We want to kick them while they’re down. We want to be selling them, not buying them. These investors are losers, by definition,” Parets said. “It’s not just the money they’ve lost by being in these things, it’s the opportunity cost involved in holdings these assets instead of something else.”

Of course, each investment should be evaluated on its own basis, but Parets makes the point that just because a stock or ETF or currency is lagging behind the broader market, doesn’t mean it’s about to play catch up — more likely, just the opposite.

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